3 Reasons Why to Sublease in NYC
Hi, hello! Thanks for being here. Our presence on the blog has been absent, but that’s because we recently moved to New York City 6 weeks ago! If we could describe how our experience has been these past few weeks, it is nothing short of thrilling, busy, and a complete whirlwind of change. One thing that has made this complete life change a bit easier was our decision to sublease in NYC prior to getting our own apartment.
For anyone that lives in New York City or has desires to move here, should know how intense the process of apartment hunting can get. Just to give quick background, renting an apartment in NYC requires the following:
- Income should be 40x the rent price (80x if signed with a guarantor)
- Fair/good credit score
- Bank statements
- Previous year tax returns
- Offer letter from employment
- Security deposit, first & last (dependable) rent upfront
You may tour a place that absolutely feels like home, but then check back online just to see that it has been taken off the market. Or, you are in the middle of applying for a place and realize you don’t have all the necessary documentation needed to complete the application. The point is you need to be ready to move fast. That stress was not something we wanted to deal with right away. We figured moving thousands of miles from home and starting new jobs was enough for us ;). Here are our reasons why finding a sublease in NYC was the smartest and safest way to move here:
1. Discounted Rent
One of the biggest perks of subletting in NYC is the possibility for discounted rent. Since it is a sublease, the rent price can be negotiable with the tenant. In current times where people are fleeing the city, rent was extremely flexible – which was the deal in our case. After weeks of intensely searching for a temporary place to live, we found our sublease through a NYC Facebook group.
We got very lucky with our sublease – a furnished 1.5 bedroom flex, full-sized kitchen, and a 24/7 doorman located in the Upper East Side of Manhattan. A place that is currently on the market at $3,100 was given to us at $2,100 from August through December of 2020. Who would’ve thought that one of the lowest rents we’ve paid would be in NYC? Touché. Our sublease rent gave us the cushion and the opportunity to explore NYC without being too tied down, and yours could too. Consider looking for an already furnished place when finding a sublet.
2. NYC Neighborhoods All Have a A Lot to Offer
NYC is massive. A city composed of 5 boroughs, there are plenty of options on where to live. To give some perspective, we currently reside in Manhattan, and even in this borough, there are about 50 discrete neighborhoods. This is why subletting a room or an apartment prior to finding your own is so important. It allows time to really explore and immerse yourself to the different neighborhoods that make up New York City . What makes this city so diverse is that every area has a unique demographic, some more city-like while others more residential. Finding a secure place to live shouldn’t be a rushed process.
As our 7th week of exploring approaches, we are confident on where we’d like to live after our sublease. We can’t say for certain we would’ve known this prior to moving here. Take the time to learn the area: find the nearest grocery store, figure out who your neighbors are, and understand the pros/cons before signing a long-term lease.
3. Safety Net
Lastly, a sublease provides a safety net. It’s a period to adjust to a new city, limit move-in costs, and it gives the opportunity to live here without being tied down long-term. After subletting, you have the freedom to decide to stay in the city, explore new ones, or move back home. Moving somewhere new is a risk, and you really don’t know how it’ll be unless experiencing it first-hand. Our NYC sublease made it feasible to move here during a pandemic, and we are forever grateful for that privilege.
How to Find a Sublease in NYC
There are many resources to help find short-term rentals or sublets in NYC. Here are a few suggestions for getting started:
- Ask around. If you know someone in the city, reach out to see if they know anyone looking to sublet their residence. Connecting through mutual acquaintances is one of the safer ways of finding a trusted sublease.
- Join Facebook groups. We joined a ton of NYC-based facebook groups that were related to subleasing, moving, and roommate hunting. We found ours on Gypsy Housing NYC, but there are others such as:
- Download these apps:
- Flip Lease. This website closely resembles Zillow, and is primarily for short-term rentals and subleases.
Tip: Don’t ever send money to any one before you can confirm the place and person is legitimate.
Our NYC Sublease Was the Best Decision We Made Moving Here
We can confidently say finding a NYC sublease before moving here made our transition a lot smoother and easier. It gave us the opportunity to have below market rent, time to explore the many areas of the city, and it provided a safety net to lean on.
If you are considering moving to the city and have questions about a sublease in NYC, feel free to reach out to us on The Twins of Travel.